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Congo, Republic of the Economy Profile 2018

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Economy - overviewThe economy is a mixture of subsistence farming and hunting, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, which entered production in late 2013, may add as much as $1 billion to annual government revenue.

Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF, including the recently concluded Article IV consultations. The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The recent drop in oil prices has constrained government spending; lower oil prices forced the government to cut more than $1 billion in planned spending. However, the government increased infrastructure spending for the September 2015 All-Africa Games and the March 2016 presidential election, which put further pressure on the budget. The fiscal deficit exceeded 18% of GDP in 2015, but had subsided to about 11% of GDP by 2017. Substantial macroeconomic imbalances continued in 2016 following sustained low oil prices.
GDP (purchasing power parity)$29.16 billion (2017 est.)
$30.26 billion (2016 est.)
$31.13 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$7.799 billion (2016 est.)
GDP - real growth rate-3.6% (2017 est.)
-2.8% (2016 est.)
2.6% (2015 est.)
GDP - per capita (PPP)$6,700 (2017 est.)
$7,100 (2016 est.)
$7,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving13.5% of GDP (2017 est.)
-26.3% of GDP (2016 est.)
-2.2% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 54.8%
government consumption: 12.8%
investment in fixed capital: 46.5%
investment in inventories: 0.1%
exports of goods and services: 58.2%
imports of goods and services: -72.4% (2017 est.)
GDP - composition by sectoragriculture: 8.9%
industry: 50.8%
services: 40.3% (2017 est.)
Population below poverty line46.5% (2011 est.)
Labor force2.055 million (2016 est.)
Labor force - by occupationagriculture: 35.4%
industry: 20.6%
services: 44% (2005 est.)
Unemployment rate36% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.1%
highest 10%: 37.1% (2005)
Budgetrevenues: $2.516 billion
expenditures: $3.336 billion (2017 est.)
Taxes and other revenues32.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-10.5% of GDP (2017 est.)
Public debt92.2% of GDP (2017 est.)
83.1% of GDP (2016 est.)
Inflation rate (consumer prices)-0.4% (2017 est.)
3.6% (2016 est.)
Central bank discount rate4.25% (31 December 2009)
4.75% (31 December 2008)
Commercial bank prime lending rate14% (31 December 2017 est.)
14% (31 December 2016 est.)
Stock of narrow money$2.955 billion (31 December 2017 est.)
$2.456 billion (31 December 2016 est.)
Stock of broad money$3.581 billion (31 December 2017 est.)
$3.037 billion (31 December 2016 est.)
Stock of domestic credit$2.703 billion (31 December 2017 est.)
$2.901 billion (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productscassava (manioc, tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Industriespetroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate2% (2017 est.)
Current Account Balance-$1.243 billion (2017 est.)
-$5.514 billion (2016 est.)
Exports$5.238 billion (2017 est.)
$4.116 billion (2016 est.)
Exports - commoditiespetroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partnersChina 39.8%, Italy 10.2%, Australia 7%, Gabon 6.6%, Angola 6%, Singapore 4.2% (2016)
Imports$3.519 billion (2017 est.)
$3.498 billion (2016 est.)
Imports - commoditiescapital equipment, construction materials, foodstuffs
Imports - partnersSouth Korea 18.2%, France 12.8%, China 12.2%, Norway 11.2%, Belgium 6.9% (2016)
Reserves of foreign exchange and gold$813.4 million (31 December 2017 est.)
$727.1 million (31 December 2016 est.)
Debt - external$5.197 billion (31 December 2017 est.)
$4.721 billion (31 December 2016 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
579.8 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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